Table of Contents
Search for properties on the website
On this website 1 lotor2nd lotSearch for properties on the web
- Filter by needs (budget, area, building age, apartment type, etc.)
- Contact Seller
Real estate agent looking for properties
- Choose a licensed real estate agent (available atEstate Agents Authority official websiteChecking the license)
- Sign the Real Estate Agency Agreement to clarify the commission ratio (usually the buyer pays 1%)
Key Inspections during On-site Building Inspection
- Check if the unit status is consistent with the advertisement
- Key inspections:
▪ Structural cracks and water seepage
▪ Operation of water and electricity facilities (trial switching can be requested)
▪ Window sealing and sound insulation - Check the building deed (such as pet keeping restrictions, modification restrictions)
Signing of a provisional sales agreement (provisional agreement)
- Pay a "temporary deposit" (usually 3-5% of the property price)
- The contract must specify:
▪ Transaction price and payment method
▪ "Cooling-off" period (usually 5 working days)
▪ Liquidated damages clause (usually forfeiture of deposit)
Entrust a lawyer to handle the legal proceedings
- Choose a law firm approved by the bank (you can ask the mortgage bank for a list)
- Lawyer's main duties:
▪ Review the title (check the register to confirm there are no defects in the title)
▪ Drafting of formal sales contract
▪ Handling mortgage documents and taxes (such as stamp duty)
Signing of a formal sales contract (formal contract)
- The buyer then pays the "additional deposit" (the total deposit is about 10%)
- Confirm the transaction date (usually within 30-60 days after signing the contract)
- Apply for a mortgage simultaneously (proof of income, credit report, etc.)
Procedures on the closing date (handover)
- The buyer pays the balance (done through a law firm)
- The owner must submit:
▪ Proof of paid management fee/rates
▪ Confirmation of name transfer of water, electricity and gas
▪ Unit keys and all access cards
Practical Guidelines for Paying Property Fees
- List of expenses that the owner needs to settle Expense type Processing method Water, electricity and gas charges Provide proof of final reading and apply for a deposit refund from the supplier (usually transferred to the new owner's name). The management fee will be settled on the handover date, and a "Certificate of No Arrears" issued by the Management Office will be obtained. The outstanding rates/government rent can be checked on the government website and will need to be shared with the buyer in proportion (the settlement date is the basis for settlement). Property Tax If the property has been rented out, you must pay the tax and submit relevant supporting documents.
- Key points for deposit processing
- Utility deposits: Usually taken back by the owner, but if the buyer agrees to take over the existing account, the name can be transferred directly and the division of the deposit can be negotiated.
- Renovation deposit: If the property has been structurally modified, you need to ensure that the management office has approved and returned the deposit to avoid the buyer from subsequent liability.
Preparation of delivery documents
- Request the management office to provide a "Fee Settlement Confirmation" stating the payment date and amount.
- Keep all payment receipts for at least 6 months in case the buyer or bank checks them.
- Reduce legal risks by having a lawyer clearly stipulate in the sales contract that "the outstanding expenses shall be borne by the owner".
Key points for risk prevention and control
| Links | Common risks | Countermeasures |
|---|---|---|
| Title review | The owner conceals the property encumbrances (such as second mortgages, nailing deeds) | The lawyer checked the property register to confirm that the property rights were "clean" |
| Mortgage Application | Insufficient bank valuation | Reserve 10-15% of liquid funds to cope with the difference |
| Property Condition | Hidden damage discovered after delivery | Hire a building inspector to produce a report before signing the contract, and reserve the right to pursue claims |
FAQ
Who has the bargaining power?
Negotiating prices through real estate agents (professional negotiation skills + market data support)
Owners should avoid letting emotions influence their decision making
Consequences of missing title documents
The buyer has the right to terminate the transaction and claim double the deposit (temporary contract protection)
Severe deficiencies may trigger"Kick Contract"(A lawyer is required to evaluate the legal basis)
Delayed transaction date
Overdue ≤ 14 days: Penalty based on daily interest (usually 0.01%/day of transaction price)
Overdue > 14 days: Can cancel the transaction and claim compensation
How to Choose a Lawyer
Check the bank's list: Ask the bank that provides mortgage directly for the latest list of approved lawyers and confirm whether the law firm accepts the commission.
Verify professional qualifications: Check the lawyer’s practice status and past record through the Bar Association website.
Compare service fees: The fees charged by different law firms may vary greatly. It is recommended to request a quote in advance and confirm the scope of services included (such as register search, contract drafting, etc.).
Things to note when hiring a reliable lawyer
The significance of the bank's designated lawyer list
For risk control purposes, banks only accept law firms approved by them to handle mortgage documents to ensure that property ownership is clear and transactions are compliant.
Is the bank's lawyer list mandatory?
If you are applying for a mortgage, you must choose a law firm approved by the bank; for cash transactions, you can entrust your own lawyer, but it is still recommended to give priority to reputable ones.
Common Risks of Choosing a Lawyer
Avoid entrusting lawyers who are not approved by the bank on your own, otherwise it may affect the progress of mortgage approval.
If a law firm is suddenly removed from the bank's register, it is necessary to replace the lawyer immediately to avoid delays in the transaction.
If the owner conceals unpaid fees, how can the buyer recover them?
The buyer can pursue the seller through a lawyer, but providing evidence is time-consuming. It is recommended to ask the seller to provide the latest original bill before the transaction.
Advanced reminder
For luxury homes or properties involving complex property rights (such as village houses and tenement buildings), it is recommended to commission a surveyor to check whether there are any hidden costs (such as easement maintenance fees).
suggestion
It is recommended that buyers set aside at least 5% of the property price for unexpected expenses (such as emergency repairs, legal fees) and keep written records at every stage. If in doubt, you should consult a professional such as a lawyer or surveyor immediately.
Extended Notes
Tax planning: Non-permanent resident buyers need to pay 15% buyer stamp duty (BSD), and can consider renting first and then buying to delay property purchase
Mortgage traps: pay attention to the bank's penalty interest period (usually 2-3 years), and pay extra fees for early repayment
Lease Agreement: If you purchase a unit with a lease, you must confirm the tenant's move-out date and indicate it in the contract.
